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FORT WORTH-A private investor from Colleyville takes 1031 Exchange money southwest of its homeport to pick up centers in Granbury and Brownwood in back-to-back trades for relatively new properties with different developers.
RICHARDSON, TX-The L.A. investment group's Dallas entry had been a year in the making as its top execs waited and watched the 342-room hotel's decline. The waiting game ended with a 100% equity buyout needing bankruptcy court approval.
MESQUITE, TX-The 95%-leased Market East Shopping Center, selling at a 10% cap rate, passes from GE Pension Plan to Sun Life Financial in 90 days of bargaining that delivered an all-cash trade with no debt assumption.
DALLAS-Cardinal Capital Partners funds its first overseas play through Citibank, getting two million sf of mostly corporate office locations from Nordea after a year of talks. The sale/leaseback produces a 25-year master lease for the office and retail portfolio.
DALLAS-Pru gets about $29 million from Intergroup for the 358-unit Villas at Beaver Creek in Las Colinas. FirstWorthing rakes in $18.5 million from JMG Realty for the 264-unit Franciscan at Bear Creek in Euless. Both buyers make immediate changes.
EULESS, TX-With eight investors in the race, a California buyer comes within $5,000 of the ask to take the deed to the Autumn Run Apartments at 505 E. Alexander Lane. The 85%-leased, two-story townhouses sell at a 7.3% cap rate.
DALLAS-The 87-year-old firm aligns with Colliers CMN for a restructuring bent on growth, using a near 50-50% partnership and no-cash swap. All but powerbroker John Aldrich, a former Colliers' president, moves with the team to Corrigan's HQ.
NORTH RICHLAND HILLS, TX-Woodforest National Bank marks a "first" for the portfolio: a freestanding banking facility with an extra 16,000 sf of class A office space. The project most likely will surpass $4 million given today's construction and land costs.
DUNCANVILLE, TX-Options Real Estate swings a $1.9-million, 10-year loan for Main Station, a 23,000-sf retail and residential development that's fully leased. The package, with a 6.5% fixed-rate interest, has a 30-year amortization.
DALLAS-Merit Acquisitions brings out 1,784 apartments, all class A except 102, in eight properties bought since February 2002 in a "take one or take all" strategy. Five of the eight are in Dallas/Fort Worth and the balance in Houston.